For more than 30 years, the Virginia Lottery has been building an amazing organization committed to growth and giving back – and having fun while doing it. We work hard to build authentic relationships with all Virginians by communicating with them in relevant, unique and surprising ways. Operating entirely on revenue from game sales, rather than tax dollars, the Virginia Lottery generates approximately $1.6 million per day for Virginia’s K-12 public schools.
The Virginia Lottery, an independent state agency, is seeking a Cash Management Accountant to join its team.
The Cash Management Accountant will be responsible for supporting the online subscription system, cashless retail transactions, future mobile play transactions, multi-state games balancing, and overall cash reconciliations activities. The Cash Management Accountant will serve as a member of the team that manages our multi-state games in terms of reconciling, reporting, and funding. This person will work closely with management and work independently to analyze and determine any corrective measures needed to maintain the proper control over system processes. The scope and impact of this position includes activities in the revolving cash account representing hundreds of millions of dollars in prize payments, as well as the consolidation and transfers of several billion dollars annually for multi-state game transactions.
Key Responsibilities Include:
Performing Reconciliations of Player Wallets and Cash Accounts:
Performing Multi-State Game Settlements:
- Performing daily reconciliation of subscription, cashless, and mobile play activity in systems and cash accounts for all sales, deposits, winnings, and withdrawals.
- Overseeing the system’s process via automated reporting and on-demand reporting for successful operations. Daily monitoring is required for proactive actions for uninterrupted operations.
- Making recommendations to improve control measures and efficiencies.
- Working with vendor partners to resolve any/all balance discrepancies.
- Making non-automated entries to appropriate general ledger accounts.
Managing Cash Management Operations:
- Serving as primary or backup in performing the highly visible multi-state game settlements, sometimes exceeding $1 billion, to determine fixed prizes and jackpot prizes for each participating state after the draw and distribution of information to partner lotteries.
- Assisting in the preparation, development, and testing of new software requirements to accommodate game changes.
Analyzing Test/Production Data:
- Monitoring key cash account daily balances (multi-million dollar balances) to maintain proper funding for issuing winner prize payments and recommending additional funding when balances drop below thresholds.
- Monitoring account activity via secure online access.
- Developing payment schedules for annuity winners to support the unique rules established for the relevant game.
- Retrieving specific prices of securities (on-line) and presenting to management for game design and analysis meetings.
- Reviewing and reconciling high volume banking and gaming system transactions to identify player adjustments needed, initiating and reconciling adjustments, handling player inquiries, and maintaining other management reporting for direct purchases by players.
- Analyzing complex system data in production and test systems to ensure systems function as designed and as needed.
- Determining, through inquiries/disputes, if system controls function as designed; analyzing the nature of production problems to determine necessary corrections/system changes.
- Providing for continuity of Retailer Accounting and Cash Management by providing support for daily operations and periodic special assignments including user testing.
Preparing Entries and Reconciling Cash/General Ledger Accounts:
- Preparing and submitting accurate and fully-analyzed entries to cash and general ledger accounts.
- Retrieving and analyzing system data/files to identify discrepancies and developing corrective action.
- Developing spreadsheets and utilizing necessary resources to maintain data integrity.
Other duties may be required based on supplementary assignments.
The person selected for this position will have:
Bachelor’s Degree in Accounting from an accredited 4-year college or university.
Minimum 1-2 years of experience in a financial operations environment.
Proficiency in generally accepted accounting principles (GAAP) and cash management practices.
Demonstrated ability to analyze complex system balances and independently resolve problems based on the analysis and account reconciliations.
Intermediate level or above proficiency with Excel and spreadsheet development.
Excellent customer service skills.
Exceptional oral and written communication skills.
Ability to maintain strict confidentiality of sensitive material.
Excellent attention to detail, organizational skills, research, problem-solving, and time management practices.
Preferred qualifications include:
Experience with banking or bank processing, especially electronic payments including debit and social payment platforms, a plus.
The selected candidate must be able to pass a background investigation, and possess a valid Driver’s License.
Special Instructions to Applicants
The Virginia Lottery is an independent state agency, and as such all positions are exempt from the Virginia Personnel Act, as well as most Executive Branch human resources policies.
The Virginia Lottery is a fun place to work and values diversity in the workforce. We offer a competitive salary and excellent benefits. The Virginia Lottery is an Equal Opportunity Employer.
Only online applications completed in their entirety will be accepted for this position.
The Virginia Lottery will provide, if requested, reasonable accommodation to applicants in need of accommodation in order to provide access to the application and/or interview process. If any assistance is needed when applying online, please contact the Virginia Lottery’s Human Resources Department at (804) 692-7000.
Applications will be accepted until a suitable pool of candidates is received. After 5 business days, this position may be closed at any time.